AMC Entertainment, a cinema operator, will be able to accept bitcoin payments by the end the year as payment for movie tickets, its CEO stated during a conference call.
AMC’s second quarter revenue estimates were beat by AMC on Monday. This was due to the return of moviegoers after a year of restrictions and closures. The shares rose nearly six percent in extended trading.
AMC received much-needed relief from theater closures and the effects of the pandemic on its latest series, ‘Fast and Furious: The Fast Saga’ and ’Godzilla vs Kong’.
Chief Executive Officer Adam Aron stated that AMC had beaten it in Q2.
AMC’s theaters nearly all reopened during quarter because more people were vaccinated and pandemic restrictions were lifted.
The world’s biggest theater chain is still not able to sell as many tickets as it did two years ago. There are no film releases and the threat from the Delta coronavirus hovering over the audience.
AMC warns investors not to buy stock and says they may lose all of their money
The company’s revenue, which is one of the “meme stocks” at the heart of a boom for small-time investing, increased 19% to $444.7 Million in the quarter ending June 30. According to Refinitiv IBES data, analysts had an average expectation of $382.1 million.
AMC also raised $1.25 billion in equity capital during the quarter. This brings AMC’s quarter-ending liquidity up to over $2 billion.
AMC stated that ‘Thanks in part to the increased vaccination rates in the countries we serve we started to notice rising moviegoing demand and we safely welcomed back more than 22,000,000 guests to our theaters around the world during the second quarter’.
The company’s loss excludes items and is much lower than analysts expected of 91 cents.